Bank of England Governor: Race for Sir Mervyn King successor | Daily Mail Online comments Chancellor George Osborne out jogging in St James Park today, before announcing in the Commons plans to advertise the Governor job George Osborne yesterday fired the starting gun on the race to become the next Governor of the Bank of England. The Chancellor said the job will be advertised on Friday and an appointment made by the end of the year. The successful candidate will take over from Sir Mervyn King and become one of the most influential figures in Britain. The Bank, which already sets interest rates, is being handed sweeping powers to oversee the UK’s financial system. Critics claim the Bank and its senior officials, who are unelected, wield too much power and senior MPs last night questioned the selection process. Sir Mervyn – who is on an annual salary of £305,368 and will leave with a pension paying £198,200 a year – retires after ten years as Governor next June. His successor is likely to be paid even more as it has become a bigger and tougher job. The choice could be controversial. David Cameron and Mr Osborne will be wary of bankers tainted by the financial crisis and the scandals that have rocked the industry.

Sources close to the Chancellor said the successful candidate will need to be ‘someone who will not be pulled apart’ by MPs on the Treasury Select Committee who will quiz the new Governor. Given the tarnished reputation of some leading banks, that could rule out former Barclays chief John Varley and ex-HSBC boss Lord (Stephen) Green, now a trade minister. Frontrunners include Paul Tucker, deputy governor at the Bank, Lord (Adair) Turner, head of the Financial Services Authority, and former Cabinet Secretary Lord (Gus) O’Donnell. Sources said there was nothing to stop someone from abroad getting the job, with Bank of Canada Governor Mark Carney highly rated. The Chancellor told the House of Commons the job will be advertised for the first time to ensure a ‘fair and open competition’. RELATED ARTICLES Share this article Share It will be up to an interview panel – chaired by Sir Nicholas Macpherson, permanent secretary to the Treasury – to draw up a shortlist. The appointment will be made by the Queen on the recommendation of the Prime Minister and Chancellor. The new Governor will serve one term of eight years ‘ensuring the appointment will span at least two parliaments and will not be subject to undue political influence’.

Mr Osborne said Sir Mervyn had been an ‘outstanding’ Governor who had helped the UK economy through ‘one of its most challenging periods in modern history’. His successor: The successful candidate will take over from Sir Mervyn King, pictured, who helped the UK economy through 'one of its most challenging periods in modern history', Mr Osborne said Labour MP John Mann, who sits on the Treasury Select Committee, said it was of ‘critical’ importance that MPs had a say in selecting the new Governor. He added: ‘The Governor has unprecedented powers of action in the UK economy and the Chancellor has failed to match the growth in parliamentary democracy that has evolved in recent times. ‘This was an opportunity for George Osborne to extend equivalent powers of interview to elected politicians but instead he has kept the appointment in the hands of leading government officials. ‘He is fearful of politicians holding the new appointee to account and risks an unprecedented stand-off if he attempts to put a political appointee into the role.’ The name of the new Governor will be made public by the end of the year to 'provide certainty to the markets and to manage the transition'.

Mark Carney has been appointed as the next governor of the Bank of England in Threadneedle Street, London The new Governor will be appointed for a single eight-year term in a move described by the Treasury as intended to remove 'undue political influence'. A Treasury source said the remuneration package would be decided by the Bank's ruling Court but they needed to remember 'we live in the times we do'. The open nature of the contest could potentially result in an overseas applicant filling the role of governor, but the source said the successful candidate would need experience of "macro-economics and banking and obviously some knowledge of the British economy". The source added: 'The Chancellor is very determined that we have a proper process that enables a wide field to apply and it is a process we will go through to ensure the best person gets the job.' Former civil service head Lord O'Donnell has been tipped as a potential successor to Sir Mervyn, along with a number of City figures both inside and outside Threadneedle Street. Mr Osborne also announced he will make his Autumn Statement to the House of Commons on December 5.

THE BIGGEST EVER BANK JOB The £50 note, issued in 1994, which featured the first Bank of England governor Sir John Houlbon The Bank of England was founded in 1694 and is sometimes known as the 'Old Lady' of Threadneedle Street The first Governor of the Bank of England was Sir John Houblon, who was appointed in July 1694 and continued in office until 1697. He features on the current £50 note, which also includes a picture of Sir John’s house in Threadneedle Street, where the Bank now stands. Every bank note bears the promise ‘I promise to pay the bearer on demand’ because you used to be able to take a note into the bank and exchange it for gold. But this is no longer possible The Bank was nationalised in 1946 It is responsible for managing inflation, and now has a target of two per cent.

In August 1975 inflation topped 27 per cent In 1997 the New Labour government granted the Bank independence, and is solely responsible for setting interest rates The Bank of England is responsible for around 2 billion banknotes in circulation at any one time, worth about £38bn Mark Carney named new Bank of England governor to widespread acclaim - as it happened | Business | The Guardian Mark Carney named new Bank of England governor to widespread acclaim - as it happened Monday 26 November 2012 13.21 EST First published on Monday 26 November 2012 15.58 EST 8.55pm GMT Closing Summary We'll be talking about the surprise choice of Mark Carney as the next governor of the Bank of England for months, probably until he takes over next summer. But the initial shock of his appointment has subsided, so I'm going to stop the live blog now.

• Our coverage of the announcement starts at 3.31pm GMT , when chancellor George Osborne started speaking, and runs up to the end of the post-statement questions at 4.14pm • And our comprehensive round-up of reaction starts at 4.21pm, including David Cameron's comments at 5.34pm , Alistair Darling at 7.13pm, and the view from Canada at 5.07pm and 6.06pm . • Plus video of Osborne's announcement ( here ) and Carney appearing to rule himself out this summer ( here ). Thanks for reading, and all the comments. Let's do it again in five years when Carney's successor is announced. Andy Haldane is the smart choice -- but after today's surprise, you never know... Goodnight! Here's our profile of Mark Carney by economics correspondent Phillip Inman, who writes: Critics say he wears his Oxford doctorate on his sleeve and is less than self-effacing. They speculate that his 13 years at Goldman Sachs, which took him to London, Tokyo, New York and Toronto, inspired his smart dress sense and air of authority.

Yet he is not brash, preferring to make few public comments and he rarely agrees to interviews.... But he made the headlines in the financial press last year when he came under attack from JP Morgan boss Jamie Dimon during a meeting of then G20 Financial Stability Board, set up to tame the banks in the aftermath of the financial crisis. Meanwhile Ann Pettifor isn't jumping on the Carney bandwagon either, arguing that his appointment means "more of the same" : There is nothing in his speeches that indicates that he will help give Britain's real economy the protection it needs from its over-mighty – and still very dangerous – banking sector. Nothing, in other words, that indicates the real economy – the productive sector – will be given priority over the City's preference for reckless global speculation. Instead like many others who adopt a "market-based" approach to regulation, Carney prefers to tinker – retrospectively – with the capital ratios of banks. 8.36pm GMT Video: George Osborne explaining his choice Here's a video clip of the moment when George Osborne dropped the bombshell that Mark Carney had been appointed. predecessor as head of the Financial Stability Board . Small world...

Updated 8.09pm GMT From paperboy to the Bank of England There's particular pride at the Edmonton Journal in Alberta today, following the news that their former paperboy has been named the next Bank of England governor. They report that Governor Carney still keeps in touch with his boyhood town, where he once delivered copies of the Journal. Interviewed in 2009 when he paid a visit to Edmonton, Carney told the paper: I’m an Oilers fan. I’ve followed the Oilers ever since I left. I mean, I obviously grew up in the salad days of Gretzky, Messier and Paul Coffey and I’ve followed them through thick and thin. I’m pulling for MacT and the boys to pull it out yet again and get into the playoffs. Ice-hockey, eh? 7.46pm GMT A few Carney facts Ben Fenton of the Financial Times has put together a list of 10 interesting facts about Mark Carney . I've pinched a few: • His home town of Fort Smith , in the Northwest Territories, is on the banks of the Slave river and has a population of 2,500. The temperature there on Monday afternoon was -21C.

He lived there till he was six years old, when the family moved to Edmonton. • Mr Carney attended Harvard University, where he was the reserve goalkeeper of the ice hockey team. • His wife, Diana, whom he met at Oxford, has joint Canadian-British citizenship as do their four daughters. 7.13pm GMT Darling: Carney gets it Alistair Darling, the former chancellor of the exchequer, has added his voice to the chorus of people hailing the arrival of Mark Carney: Speaking on Channel 4 News a moment ago, Darling said: I worked very closely with Mark Carney during the financial crisis... He stuck out from other central bankers in his understanding of the crisis and what needs to be done about it We had to get the best candidate...this is a very good appointment. Alistair Darling (left) and David Blanchflower. Photograph: Channel 4 News David Blanchflower, the economist and former member of the Bank of England monetary policy committee, agrees: You hire the best person with the best CV, and Carney's that person.

6.56pm GMT Tucker: no hard feelings Paul Tucker has taken his surprise failure to become Bank of England governor with good grace, reports the Wall Street Journal's David Enrich: David Enrich (@davidenrich) Statement from jilted Paul Tucker: “I warmly congratulate Mark Carney on his appointment to succeed Sir Mervyn King as Governor.” #BOE Lib Dem president cheers choice of Carney Back in the UK, Liberal Democrat president Tim Farron has warmly welcomed Carney's appointment: Farron told me over Twitter: He is a great choice though. He is is widely regarded as the best central bank governor in the world. Big coup for the government.. He has a hard job ahead, but he's very qualified and experienced. (if you're new to UK politics, the Lib Dems are junior partners in the UK coalition government, but probably didn't have any influence on the process). Of course, it shouldn't be a surprise that everyone is being nice about Carney now he's got the job – but the scale of the welcome is a little surprising. Three hours after the announcement, I've not found many Brits who aren't pleased with the choice - or many Canadian who are happy that Carney is leaving mid-term.

Updated David Cameron: Carney is 'exceptional' choice Prime Minister David Cameron makes a speech last week. Photograph: Stefan Rousseau/PA David Cameron says he's delighted that Mark Carney has accepted the chance to take the controls at Threadneedle Street: The PM said: I am delighted that Mark Carney has accepted the job as the next Governor of the Bank of England. “He takes up the role at an important time, as we put the Bank of England back at the heart of financial regulation, so that we do not repeat the mistakes of the past. “His distinguished record on economic policy, the high regard of his international peers and the leadership he has shown on the global economic crisis make him the exceptional person for this job. I very much look forward to working with him from next summer. 5.27pm GMT Peston: I was bamboozled by Treasury spin The BBC's business editor, Robert Peston, is beating himself up for not realising that Mark Carney was in the running for the Bank of England top job.

Back on 12 November , Peston declared that Tucker, Sir John Vickers, Adair Turner and Terry Burns were on the shortlist along with a mystery fifth candidate (later reported to be Sharon Bowles MEP). Don't worry, Robert -- you'll always have Northern Rock . 5.19pm GMT CBI welcomes choice of Carney The CBI has now welcomed the news that Mark Carney is the next Governor of the Bank of England. Katja Hall, CBI chief policy director, said: His strong track record as the Canadian central bank Governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times. We look forward to working with and supporting him in his new role. 5.07pm GMT Canada faces life after Carney One central bank's gain is another's loss, and over in Canada finance minister Jim Flaherty had to break the news that the country will soon be short of a central bank governor.

Flaherty told reporters that it was a "bittersweet," moment and that Carney's advice had "kept Canada strong," Flaherty added that Canada has the best record for fiscal stability in the G7 - a point which George Osborne made to parliament when he explained why Carney was the best man to take over the Bank of England. That's via CBC News, which adds: Carney said he and Flaherty had enjoyed an effective partnership and added he will miss the camaraderie and clear sense of purpose he experienced with the finance minister. He praised the strength of the central bank and reiterated his confidence in it. 4.54pm GMT Why Carney was a shock The really curious thing about Mark Carney's appointment is that the Bank of Canada governor had ruled himself out of the job during the summer. The story begins in April, when the FT ran a front-page story declaring: Mark Carney, the governor of Canada’s central bank, has been informally approached as a potential candidate to replace Sir Mervyn King as head of the Bank of England in June next year. The story was played down by both sides. and then in August Carney indicated that he wasn't a runner.

It now appears, though that George Osborne had been casting covetous glances - and more - across the Atlantic for some time: ITV's Laura Kuenssberg has been working the Westminster grapevine, and reports: Laura Kuenssberg (@ITVLauraK) Timeline-Osbo approached Carney in Feb, conversations since then altho he denied interest in Aug, applied in Sept, interviewed 10 days ago.. Sir Mervyn King backs choice of Mark Carney Sir Mervyn King has endorsed the decision to appoint Mark Carney. In a statement, the outgoing governor said: He represents a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me. Since Mark became Governor of the Bank of Canada, I have worked closely with him and admired his contributions to the world of central banking, in which he is widely respected. 4.23pm GMT TUC: Carney's challenge is 'close to impossible' TUC General Secretary Brendan Barber reckons that Mark Carney has an almost impossible task, given the state of the UK economy.

Barber said: The Chancellor seems to have outsourced the job of getting the economy moving to the Bank of England but the Bank is now running out of monetary ammunition. Interest rates are about as low as they can get, and quantitative easing, while welcome as far as it goes, is not doing much to boost the real economy. And while the Bank has an important new role in regulating banking, the government wants to water down the Vickers recommendations and does not have the determination to give us a finance sector that works for the rest of the economy. 4.21pm GMT Carney trending on Twitter This is probably a first for Mark Carney - he's trending on Twitter. So is the Bank of England. Here's some of the instant reaction to the appointment, including a supportive couple of tweets from Standard Chartered's chief economists Gerard Lyons (@DrGerardLyons) #Mark Carney is an excellent appointment as new #BOE Governor. An excellent candidate from a strong field. Osborne's statement is over And that's the end of the questioning, after a dramatic 40 minutes.

David Cameron is now discussing last week's European Union summit, which ended without a deal on the EU budget – my colleague Andrew Sparrow is covering it in Politics Live . I'll keep tracking the reaction to Mark Carney's appointment here (Monetary Policy Live, perhaps) Updated 4.09pm GMT Osborne: I hope Tucker stays at the Bank David Ruffley, Conservative MP (and another member of the Treasury committee that gave Paul Tucker such a grilling in the summer), asks Osborne whether her wants Tucker to remain at the Bank. Osborne replies that he does: I think Tucker has been an excellent deputy governor, and I hope he stays on. Updated 4.07pm GMT Geroge Osborne Photograph: BBC Parliament Labour Barry Sheerman comes closest to denting the sense of jubilation in the House of Commons, saying it's a shame that we couldn't find a British candidate. Osborne replies that it's a sign of Britain's confidence that we can go and get the best person for the job, across the globe. Makes Carney sound like a monetary Sven-Göran Eriksson.

Updated at 4.26pm GMT 3.58pm GMT Now Andrea Leadsom, the Conservative MP who shone on the Treasury committee during the Libor investigation, says she wants to jump up and down for joy. Another endorsement for Carney. The Speaker, John Bercow, tells her that her father (one her constituents) wouldn't approve. Updated Osborne: Canada did better than UK George Osborne insists that there's no reason to fret about appointing a Canadian. Canada is a G7 country. It's one of our allies...it's hard to think of a closer ally than Canada. Osborne adds that Canada had a rather better crisis than the UK. 3.51pm GMT Conservative MP John Redwood welcomes the choice of Mark Carney, saying the Canadian should bring "new thinking to troubled banking and monetary policy in Britain". 3.51pm GMT MPs are continuing to debate the shock choice - with one telling Osborne that this is "a rare chance for all sides of parliament to support one of his decisions". Osborne wryly replies that it's a shame he can't bottle the atmosphere in the House.

3.47pm GMT Larry Elliott, our economics editor, says the decision is a big, big shock: He tells me: George Osborne always wanted Mark Carney, and the stories linking him with the job originated from the Treasury, but he was thought to have ruled himself out. The City fully expected the chancellor to pick Paul Tucker, the current deputy governor, and this will be a big blow to him and Adair Turner, the chairman of the Financial Services Authority. As governor of the Bank of Canada, Carney is thought to have had a “good crisis”. Canadian banks weathered the storm better than most, seen in part due to the regulation of the Bank of Canada. 3.47pm GMT Whither Tucker? What now for Paul Tucker, the insider who had been groomed to replace Sir Mervyn King? Ed Conway, Sky's economics editor, reckons that Tucker's position as deputy governor for financial stability is "rather invidious". Intriguingly, George Osborne told the House that Charlie Bean - the other deputy governor, has agreed to serve another year at the Bank to help Carney bed in. Tucker was not mentioned.

3.40pm GMT Ed Balls speaking about Mark Carney's appointment Photograph: Sky News Ed Balls, the shadow chancellor, is now speaking -- and welcoming the decision to appoint Carney. This is a good choice, and his experience will be invaluable. Balls adds, though, that the job is "near impossible" for one person. Updated Carney will also seek UK citizenship, Osborne adds. 3.37pm GMT Carney to serve for five years Osborne reveals that Mark Carney will serve for five years (not the eight years that were advertised), and is keen to appear before the Treasury Committee of the Houses of Parliament to discuss UK monetary policy. Updated at 3.41pm GMT 3.34pm GMT George Osborne explains that Mark Carney will bring 'fresh perspective' to the Bank of England, and help UK businesses and families through the tricky economic times ahead. Carney, Osborne says, will provide the "strong leadership the bank needs as it takes on the role of handling financial supervision" in the UK. Updated It's Mark Carney, the head of the Bank of Canada. That is a real shock.

Updated at 4.16pm GMT 3.32pm GMT Osborne says he has met all five of the shortlisted candidates -- and concluded that each one would have made a good governor. 3.31pm GMT Statement begins George Osborne has begun announcing the decision in parliament - saying Mervyn King has served the UK well at this very difficult time Updated at 3.37pm GMT 3.30pm GMT At one stage, Paul Tucker has looked like the natural successor to Sir Mervyn King - but that all changed this summer when the Libor rate-fixing scandal hit the City. Emails showed that Tucker was in contact with senior officials at Barclays at the height of the financial panic in autumn 2008. Some of the messages appeared to show that he had put pressure on the bank to submit lower figures for its borrowing costs - a charge Tucker insisted was false. But he faced a torrid time before the Treasury Committee - putting his chances of succeeding King at risk.

3.25pm GMT Sir Merv's game of two halves Bill Keegan, the Observer's distinguished senior economics commentator, wrote yesterday about how Sir Mervyn King's time at the Bank can be neatly divided into two distinct periods: a happy one and a not so happy one. After the early glory days, both as deputy governor and later in the hotter seat, King basked in the reflected acclaim for what was considered, for a time, to be one of Gordon Brown's greatest historic contributions to the British polity: the granting of operational independence in monetary policy to the Bank of England – that is, the power to determine the official short-term rate of interest. In its early days, the monetary policy committee, which the governor chairs, was widely considered a huge success, and it was King who coined the acronym "Nice" (standing for non-inflationary continuous expansion) and applied it to that pre-crisis "nice decade". Then it all went wrong -- prompting interest rates to be slashed to record lows, hundreds of billions of pounds of electronic money to be created through quantitative easing, and month after month of above-target inflation.

History's verdict on King is yet to be written -- but there's no doubt he is leaving his successor a remarkable legacy. 3.15pm GMT The chatter in the corridors of power (political and monetary) is that Paul Tucker is home and hosed as the next governor. Amusingly, Chris Giles of the FT reports that he telephoned Threadneedle Street to inquire about the appointment, and was put through to Tucker's office! Chris Giles (@ChrisGiles_) @ bankofengland governor to be announced at 3.30 - When I called the BoE, I was put through to Paul Tucker's press officer Paul Tucker won FT's support Deputy governor of the Bank of England, Paul Tucker. Photograph: Dominic Lipinski/PA This is also the first time that the Financial Times has publicly endorsed a potential governor -- throwing its pink-papered weight behind Paul Tucker. Calling him The right man for the Old Lady (which sounds like an advert from a dodgier rival to Soulmates ), the FT declared that Tucker was the best of the bunch. There is no perfect candidate on the shortlist. Sharon Bowles, the high-profile Liberal Democrat Euro-MP, has engaged vigorously with policy.

Sir John Vickers is a distinguished economist whose inquiry has shaped important banking reforms. Lord Turner is a versatile public servant with a cutting-edged intellect. But none of the above possesses the all-round experience of Mr Tucker. As a BoE lifer he has overseen all the key areas the next governor would have to deal with: monetary policy, prudential supervision, macro-prudential regulation and international markets. 3.09pm GMT How the appointment was made The next governor will be appointed by the Queen, on the recommendation of the chancellor and the prime minister. That's the usual routine, and almost the only normal thing about this process. For the first time, the position was advertised, leading to a five-person shortlist being drawn up and interviewed. The advert called for a candidate who could: successfully lead, influence and manage the change in the Bank’s responsibilities, inspiring confidence and credibility both within the Bank and throughout financial markets. adding: The successful candidate will have experience of working in, or with, a central bank or similar institution; or will have worked at the most senior level in a major bank or other financial institution.

He or she will demonstrate strong leadership, management and policy skills; will have an advanced understanding of financial markets and good economic knowledge. He or she will be a strong communicator, have good interpersonal skills and will be a person of undisputed integrity and standing. 2.56pm GMT New Bank of England governor to be named The Bank of England building on Threadneedle Street in the City of London. Photograph: Linda Nylind Good afternoon. After months of speculation, the identity of the next governor of the Bank of England is about to be revealed. Chancellor George Osborne will tell MPs shortly after 3.30pm who has been chosen to lead Britain's central bank, at one of the more turbulent and tense times in its 318 year history. The favourite candidate to succeed Sir Mervyn King is deputy governor Paul Tucker, currently responsible for financial stability. But there are four other candidates on the shortlist -- Lord Turner, chairman of the Financial Services Authority; Lord Burns, chairman of Santander UK; Sir John Vickers, chairman of the Independent Commission on Banking (and Warden of All Soul's College) and Sharon Bowles, (Liberal Democrat MEP).

The successful candidate will take on one of the most important roles in the UK economy -- charged with delivering low inflation (monetary stability) and also ensuring the health of the UK financial system (financial stability).

Topics Bank governor denies staff reluctant to speak out, after report reveals concern among junior workers Published: 27 Nov 2012 Current governor of the Bank of Canada has a reputation as a tough operator and is credited with helping the country survive the financial crisis unscathed Published: 26 Nov 2012 For Osborne, grappling with the replacement of Sir Mervyn King, read the FA in 2000 deciding who should follow Kevin Keegan Published: 26 Nov 2012 The wife of the new governor of the Bank of England, Mark Carney, has her own pleasingly edgy views on everything from the environment to equality of income Published: 27 Nov 2012 Governor of the Bank of England - Press releases - GOV.UK Governor of the Bank of England From: First published: 26 November 2012 This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government Her Majesty the Queen has been pleased to approve the appointment of Mark Carney as Governor of the Bank of England from 1 July 2013.

Her Majesty the Queen has been pleased to approve the appointment of Mark Carney as Governor of the Bank of England from 1 July 2013. He will succeed Sir Mervyn King. Welcoming the appointment the Chancellor of the Exchequer, the Rt Hon George Osborne MP, said: Mark Carney is the outstanding candidate to be Governor of the Bank of England and help steer Britain through these difficult economic times. He is quite simply the best, most experienced and most qualified person in the world to do the job. He has done a brilliant job for the Canadian economy as its central bank Governor, avoiding big bail outs and securing growth. He has been chosen by the rest of the world to be the chair of the international body, the Financial Stability Board, charged with strengthening global financial regulation after the financial crisis. Along with its central role in monetary policy, this Government has put the Bank of England back in charge of regulating our financial system so that we don’t repeat the mistakes of the last decade. Mark Carney is the perfect candidate to take charge of the Bank as it takes on these vital new responsibilities. He will bring strong leadership and a fresh new perspective.

I look forward to working with Mark as we continue to rebalance our economy, deal with our debts, and equip Britain to succeed in the global race. We needed the best - and in Mark Carney we’ve got it. Notes for editors Mr Carney is currently Governor of the Bank of Canada, having taken up his office on 1 February 2008. He also currently serves as Chairman of the Financial Stability Board (FSB) and as a member of the Board of Directors of the Bank for International Settlements (BIS). He is also a member of the Group of Thirty, and of the Foundation Board of the World Economic Forum. Prior to becoming the Governor of the Bank of Canada, Mr Carney was Senior Associate Deputy Minister of Finance (2004 - 2007) and Deputy Governor of the Bank of Canada (2003 - 2004). Prior to that, Mr Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices.

Mr Carney has a bachelor’s degree in economics from Harvard University (1983 - 1988) and a Masters and Doctorate in economics from Nuffield College, Oxford University (1991 - 1995). Mr Carney was born in Fort Smith, Northwest Territories, Canada in 1965. As a Canadian citizen he is a subject of Her Majesty The Queen. He is married to Diana Fox Carney, an economist and British citizen. They have four daughters. Mr Carney has indicated he intends to apply for British citizenship. Mr Carney has indicated he intends to serve for five years. Under the Bank of England Act 1998, as expected to be amended by the Financial Services Bill which is currently being considered by Parliament, the Governor of the Bank of England is appointed by Her Majesty the Queen on advice from the Prime Minister. He was advised by the Chancellor of the Exchequer, who oversaw the appointment process, and, as with other public appointments, consulted the Deputy Prime Minister.

The selection panel for the recruitment process comprised Sir Nicholas Macpherson, Permanent Secretary HM Treasury; Tom Scholar and John Kingman, Second Permanent Secretaries, HM Treasury; and Sir David Lees, Chair of the Court of the Bank of England. Her Majesty The Queen has also been pleased to approve, under the Bank of England Act 1998 as amended by the Banking Act 2009, the Chancellor and Prime Minister’s recommendations for the re-appointment of Charles Richard Bean as Deputy Governor of the Bank of England for Monetary Stability from 1 July 2013. Mr Bean has agreed to stay on for a year to help oversee the extension of the Bank of England’s responsibilities and the transition to the new Governor. He has asked to stand down on 30 June 2014.

Share this page Sir Mervyn King prepares to leave the Bank of England - in pictures | Business | The Guardian Sir Mervyn King prepares to leave the Bank of England - in pictures Sir Mervyn King prepares to leave the Bank of England - in pictures Share on Messenger Close As the 65-year-old prepares to hand the governorship of the Bank of England to Canadian Mark Carney on 1 July after 10 years, we look back at some highlights from his Threadneedle Street reign Wednesday 26 June 2013 03.45 EDT First published on Wednesday 26 June 2013 03.45 EDT The picture the papers love to reproduce. King found the time to go for a ride on a dog sled during the summit of G7 finance ministers held in Canada back in 2010, declaring the experience 'wonderful' and prompting suggestions he had a whale of a time.

The 65-year-old is to become one of the growing number of high-profile business and finance figures to take a so-called 'grey gap year' , announcing on Desert Island Discs that he would take a holiday of at least six months after he steps down and had promised his wife he would take up dancing lessons Photograph: Fred Chartrand/AP Pinterest Mervyn King has been with the Bank of England for almost quarter of a century, as the economy has staggered through two recessions, one boom and a global financial crisis. He joined as non-executive director back in 1990 and was made deputy governor under Eddie George – or Steady Eddie – in 1998, stepping up to replace his mentor in 2003 Photograph: Matthew Fearn/PA Pinterest Relations between the Bank of England governor and the chancellor of the exchequer will always be fraught, but King’s tenure under first Gordon Brown and then Alistair Darling was particularly tense. After clashes with Brown over breaking up the banks, things deteriorated further when Darling moved into Number 11.

Darling called King 'amazingly stubborn and exasperating' in his memoirs and suggested he would have been sacked had the government been able to find a viable alternative in 2008. Despite some criticism of George Osborne’s policies, it is thought he leaves on good terms with the current chancellor Photograph: Kipper Williams/Guardian Pinterest King has appeared in front of parliamentary committees a staggering 102 times and his impatience with the MPs’ questioning only seems to mount over the years. His responses are characterised by a barely concealed contempt for the parliamentarians and he has certainly never demonstrated the degree of contrition they have been pushing for. The financial crisis was, variously, the fault of the banks, regulators, politicians and an entire global financial system addicted to debt. But, although he acknowledges that the Bank of England must accept 'some' responsibility for the financial crisis, he said it was never in his power to put a stop to it Photograph: PA Wire/PA Pinterest According to a rather quaint rule, the governor of the Bank of England must write an open letter to the chancellor of the day if inflation moves more than 1% above or below its 2% target.

Suffice to say, King has got plenty of practice in his letter-writing skills over the past few years, explaining away a more than two-year period when the annual inflation rate was higher than 3% Photograph: Guardian Bank of England governor not to be confused with … England’s professional darts player Mervyn King, who won the World Masters in 2004 Photograph: Max Nash/AP Pinterest One of King’s most memorable sporting analogies – of which he is very fond – was his reference to Diego Maradona’s two goals against England in the semi-final of 1986 World Cup. King said the first goal, where Maradona blatantly batted the ball into the net with his hand, was a clear example of breaking the rules to achieve an objective. A central bank could similarly exploit low inflation expectations to boost growth temporarily, but could not get away with it repeatedly, he said. The second goal saw Maradona dribble half the length of the pitch before scoring, proceeding largely in a straight line while defenders anticipated a move to either side.

King said a central bank could also achieve its objectives with relatively little policy movement, because its potential moves are anticipated by the marketsPhotograph: Bongarts/Getty Images Once described by the Guardian’s Simon Hoggart as 'Eeyore on a bad haircut day' , King is not known for his sunny outlook. His annual inflation report has traditionally been a chance for him to share his greatest fears for the economy with the rest of us, predicting doom and gloom for years to come. So it was something of a surprise when he said last month that the outlook for the UK economy had improved and inflation was likely to fall faster than expected , his mood perhaps lightened by the prospect of those dancing lessons Photograph: Guardian Pinterest King admitted on Desert Island Discs that he had sacrificed a home life and a family to focus on his career. But he always remembered Barbara Melander, who he fell in love with at Cambridge University in the 1970s, before they lost touch when she returned home to Finland. Three decades later his phone rang 'completely out of the blue' and on the end of his line was his former girlfriend, by then a divorced mother of two.

“The moral of this story is never change your telephone number,” he joked Photograph: Luke Macgregor/Reuters Pinterest King is a fixture at the Wimbledon tennis tournament for which he has often been lambasted by the press . Notably in 2011, the governor joined chancellor George Osborne in the in the royal box – where spectators are required to turn off their Blackberries – while European leaders held crisis meetings to stave off the implosion of the euro. A spokesman for the governor said at the time: 'On the days he goes to Wimbledon he always works at the Bank in the mornings and works again at home in the evenings. During the Wimbledon fortnight he has maintained his normal heavy workload.' This year, however, he is free to join the ranks of retirees flocking to the tournament as he steps down just as the crucial second week begins Photograph: Clive Mason/Getty Images Pinterest It has been 10 long years but King has not noticeably aged. The hair is now uniformly silver and better coiffed, the glasses a little more stylish.

Overall, it seems that two recessions and a global economic meltdown have been relatively kind to the 65-year-old Photograph: John Stillwell/Philip Toscano/PA Pinterest One of King’s last tasks was to pick the picture to go on the new five-pound note. In 2016, off goes social reformer Elizabeth Fry and in comes Sir Winston Churchill. Perhaps inevitably, King was criticised for replacing the only female figure on a banknote with a man but he stood by his choice . 'Our banknotes acknowledge the life and work of great Britons,' he said. 'Sir Winston Churchill was a truly great British leader, orator and writer. Above that, he remains a hero of the entire free world. His energy, courage, eloquence, wit and public service are an inspiration to us all' Photograph: AP Pinterest King chose his final select committee hearing to reveal that Jane Austen could be the face of the new £10 note . The author is 'quietly waiting in the wings', he told the Treasury select committee, although a final decision will be taken by his successor, Mark Carney.

The governor ovoked a storm of protest when he announced that the only woman to appear on an English banknote other than the Queen – the prison reformer Elizabeth Fry – would be replaced by Winston Churchill in 2015. Campaigners have threatened to take the Bank to court for discrimination under the 2010 Equality Act. A group of 46 Labour MPs and peers, including former ministers Harriet Harman, Yvette Cooper and Labour leader of the Lords Baroness Royall, called on the Bank to review its decision to drop Fry. Photograph: Courtesy Everett Collection / Re Pinterest For 10 long years King has been a regular at these parliamentary grillings as governor of the Bank of England. But, as Thurso might be musing, it's all over now. King marked the occasion by firing a parting shot at the banks , attacking the lenders for running to No 11 and even on occasion to No 10, to put 'tremendous pressure' on the most senior politicians to lean on the Prudential Regulation Authority to water down demands to raise capital strength. For his part King reflected on the important part the Treasury committee played in holding the Bank of England to account.

The hearings were 'always important,' he said, 'sometimes enjoyable, sometimes less so'. Photograph: Guardian Mervyn King: I feel liberated - I’m learning to foxtrot - Telegraph Mervyn King: I feel liberated - I’m learning to foxtrot Does Mervyn King miss being Britain’s leading banker? Not a bit... Lord King at his home in Kent: the former governor of the Bank of England says he is devoting his retirement to 'Ratwat – reading and thinking, writing and talking’ Photo: ANDREW CROWLEY FOR THE TELEGRAPH By Mark Nicholas Comments A week tomorrow, in St George’s Chapel at Windsor Castle, the Baron King of Lothbury will become one of only 24 British citizens outside the Royal family to be elevated from plain old Knight to the Order of the Garter. His 95-year-old mother, Kathleen, will be there. “I am overwhelmed by the honour, almost speechless,” says Mervyn King. “It will bring the most tremendous joy and happiness. Life has been unpredictable. Every job I applied for I never got, and every job I’ve had I didn’t apply for.

So it would be madness to suggest I know what is coming next.” We are tucking in to breakfast at the impressive Jamie Oliver cooking school-and-café in Notting Hill Gate. The last time Lord King was here was with four other recently retired mates; they were learning how to make pasta. I asked what Lady King made of the ravioli that night. “Let’s call it a partial success,” he replies. Lady King is happiest attending to the garden at their converted oast house in the Kent countryside. The Baron has stopped for the night at the London apartment that may as well have been a bunker during his turbulent 10-year reign as the governor of the Bank of England. When he and Gordon Brown recapitalised the banks in October 2008, there was a view that he should have left them to rot. Later, when he backed George Osborne’s austerity measures, Ed Balls called him a Tory. “We are not party political,” he says. “I have no regrets. Both moves were right for their time.” And now? “Ratwat.” Come again?

“Ratwat – reading and thinking, writing and talking.” Related Articles Fasting for three days can regenerate entire immune system, study finds 05 Jun 2014 Once an academic… but not only an academic: there is more to Lord King than the economy – much, much more. Education is the starting point (Cambridge and Harvard as a student; then Cambridge again, Harvard, Birmingham and the LSE as a professor), but books, music, theatre, wine, sport, charity and love are writ large across his life. He first fell for Barbara Melander in 1970 but they couldn’t quite get it together. She returned to Finland, from whence she came, married another and brought two children into the world, who in turn brought their own offspring to bear. It was a long hiatus, almost 30 years, but Mervyn and Barbara found each other again and married in 2007. Thus, King has inherited a family and finds a miraculous joy in this shared force. I wonder how hard it had been to leave the institution that held him captive and in awe for 22 years – first as chief economist, then as deputy governor, and then as The Boss.

“Easier than I thought. In fact, the past year has been liberating. The economy began to find its feet again and I was able to think about other things for the first time in a long time. “I took two important personal decisions: to make no decision about what I would do next, and to get out of the country. We went to New York in September for three months and then on to Australia and New Zealand. In those five months, I was able to stand back and to see the future more clearly.” Lord King is excited by the prospect of three further months in New York each year, as a visiting professor at NYU. The students will benefit greatly from his razor-sharp mind and deep integrity. Both he and Barbara adore Manhattan, its concerts, shows, parks and restaurants, galleries and libraries. For King, there is always the pursuit of thought and word. Contrary to expectation, however, there are no plans for a memoir. He is not the kiss-and-tell type, though he has been signed by the Washington Speakers Bureau, the influential lecture agency that has American presidents and Donald Trump on its books. Lord King is hugely respected on both the US and global stage.

As George Osborne once put it, “when he speaks, everyone puts down their BlackBerrys and listens”. At this moment, I must declare my hand, for I have shared a stage or two with the Baron. In 2005, we founded Chance to Shine together, the cricket charity that has brought the game back into state schools. More than two million children – a million of them girls – now play the game who would not otherwise have done so. Our reach is across the land, our fundraising a remarkable tale. Different governments have stuck by us, matching generous private investment pound for pound. It has sure helped to have the governor as our president. We were first introduced in a quiet London bar back in 2003. I was struck by his vision, diversity and immediate understanding of the challenge we faced in delivering the game we both loved to millions of children. I said we would need to raise £10 million. He said £50 million. He was right. Within three weeks, we agreed a plan and shook hands on it. He has not flinched since. Chance to Shine was, and still is, in his soul. “My parents moved to Wolverhampton in 1958,” he says.

“In the summer months, I loved the smell of freshly mown grass and played cricket at every available hour or went to New Road, Worcestershire’s County Cricket Ground, to collect the autographs of Tom Graveney, Roy Booth and Basil D’Oliveira, among others. When I was first invited to the Worcestershire committee room, I took my old autograph books and showed them all their signatures from 40 years earlier.” Among the other organisations lucky to have King at their side are Acorns, a hospice for children in the West Midlands, the London Symphony Orchestra and the All England Club. “I was offered the job of chief economist [of the Bank of England] in 1991 because Robin Leigh-Pemberton, then the governor, saw me playing tennis and said that if he really had to have another economist, he would rather someone who could play sport. Lucky he didn’t know me better.” While researching this interview, I was surprised to read of an insider at the Bank who had once called King a “bully”. I had come across the accusation of arrogance before, and can see that a dogmatic self-confidence in his own opinion could be threatening.

He does, for example, talk about the Monetary Policy Committee as if it were his own. But it sort of was. Brown had given the Bank independence in 1997 and, as chief economist, King had to move quickly. “It took us three and a half weeks to set it up and to make it operational and effective, which it still is. I’m proud of the MPC, it is proof that a committee can work.” And further proof of the visionary in him. But bully? No way. This is a man of honour and clear perspectives. His second five-year term, which coincided with the credit crunch, was the one that got people whispering such nonsense. Barbara was eager that he should quit, for she could see the toll the job was taking and hated the negative side of the press. “But I could hardly go at the end of 2008, the point at which the crisis was at its most inflammatory,” he says. I ask if his meeting with the Queen in 2009 had spawned an apocryphal story, the one in which Queen met King soon after her killer question to the LSE (“If these things are so big, how come no one saw them coming?”).

He would not be drawn on the subject of Her Majesty’s first ever audience with a governor. “But to the wider question, I answered that any financial crisis is unanticipated, otherwise it wouldn’t be a crisis. The truth is we thought the US dollar was seriously threatened, but the collapse of the banking system caught us off guard.” “Us”, perhaps – but not those who hedged against it. “We don’t have a crystal ball. We try to react intelligently to events as they occur. I accept errors of judgment, however. For example, I spent a lot of time on the road, building relationships with industry, and lost sight of the need for relationships in the City. I had delegated that to others and, when push came to shove, the Bank had lost a lot of influential support, and it cost us.” During the dogfight of his second term, King revealed an increasingly opinionated and outspoken public face. “You need intellectual self-confidence to take major decisions. I learnt like everyone else learns. Second-rate people with bad motives truly frustrate me, and some did.” Were there warnings for his successor, Mark Carney? “No, not at all, but we talked a lot in the months before I left.

I just said do the job your own way, for it is the only way.” What, then, is imminent? “Well, I’m avoiding meetings for a while, that much I know, and any pronouncements on the economy. Time is precious and I am delighting in the fact that I now make my own choices about how to use it. I spoke at the Hay Festival, which was fun, and was in Paris for the G30. Looking ahead, there are speeches to write, Wimbledon to look forward to, and I promised Barbara I would master the foxtrot. So I’d better get to it.” And off he goes, down Kensington Park Road, liberated and hot to foxtrot. No need to panic, says ex-Bank of England chief King - BBC News No need to panic, says ex-Bank of England chief King 27 June 2016 Close share panel Media captionEx-Bank of England chief Lord King: Don't panic Volatility in UK shares following the vote to leave the EU is "no reason for any of us to panic", the former governor of the Bank of England says.

Lord Mervyn King predicted the long-term effect of a Brexit on GDP would turn out to be "a bit of a fuss about nothing". In a BBC interview, he also accused the Remain campaign of treating people considering voting Leave like "idiots". He said voters had not been impressed by "scaremongering tactics". "If you say to someone 'you're an idiot if you don't agree with me' you're not likely to bring them in your direction," he added. UK shares remain volatile in the wake of Thursday's vote, with some stocks temporarily suspended. It came as sterling hit a 31-year low, and yields on 10-year government bonds sank below 1% for the first time. Lord King, who was Bank of England governor for 10 years until 2013, said: "I don't think people should be particularly worried, markets move up, markets move down. "We don't yet know where they will find their level and the whole aspect of volatility is that there is a trial and error process going on before markets discover what the right level of stock markets and exchange rates actually are.

"What we need is a bit of calm now, there's no reason for any of us to panic." Media captionLord King: Mistake to treat voters like idiots He said uncertainty would affect investment in the short term, but predicted the long-term impact to be "much smaller than either side pretend", predicting that "in 25 years' time we'll look back and say a little bit, that at least in economic terms, maybe that was a bit of a fuss about nothing". Lord King's successor, Mark Carney, has said "extensive contingency planning" makes the UK "well-prepared" for the consequences of the vote to leave. In a statement aimed a calming markets, Chancellor George Osborne said the UK was ready to face the future "from a position of strength". But his predecessor, Labour's Alistair Darling, warned that a "vacuum" before a new prime minister is appointed could affect investment in the UK and said he was more worried now than during the financial crisis in 2008.

New governor of BoE announced New governor of BoE announced Written by Adam Cadle 27/11/2012 Chancellor George Osborne has announced that Mark Carney has been appointed as the new governor of the Bank of England (BoE) from 1 July 2013 and will succeed Sir Mervyn King. Carney, governor of the Bank of Canada, is the first foreign governor of the Bank of England in 318 years. His appointment has been approved by the Queen. Sir Mervyn King said: “I am delighted to welcome Mark Carney as my successor. He represents a new generation of leadership from the Bank of England, and is an outstanding choice to succeed me. Since Mark became governor of the Bank of Canada, I have worked closely with him and admired his contributions to the world of central banking, in which he is widely respected.” The Queen has also approved the reappointment of Charles Bean as deputy governor of the BoE for Monetary Policy from 1 July 2013.

Question: Who has been appointed as successor to Mervyn King as Governor of the Bank of England?
Answer: Mark Carney